- Alibaba-Backed Food Delivery Unicorn Zomato Clocked Two-Fold Growth In Revenues To $61.2 Mn For FY17 Gurugram-based restaurant search and food delivery startup Zomato reported a two-fold growth in its revenues to $61.2 Mn (INR 399 Cr) in revenue for FY17. Currently operational in 23 countries, the foodtech unicorn generates revenues from advertising as well as food delivery. As per its financial results, the company also managed to significantly reduce its […]
- South African Internet Giant Naspers To Focus On India After $10 Bn Tencent Share Sale South African Internet and media conglomerate Naspers is looking to utilise the $10 Bn proceeds it raked in as part of the recent Tencent share sale for investments in “core ecommerce segments” globally. As stated by Naspers CEO Bob Van Dijk, a major focus of the capital allocation will be on the Indian market. The […]
- Taking Responsibility: Foodtech Unicorn Zomato To Display Fire Safety Licenses Of Restaurants In light of the recent fire breakout at Mumbai’s Kamala Mills Compound, foodtech startup Zomato has announced that it will start displaying fire safety licenses of restaurants on its platform. In a blog post titled “Responsibility”, the company’s co-founder and CEO Deepinder Goyal said that the restaurants’ license scans will, henceforth, be visible on Zomato’s […]
- The Rise Of FoodTech And What That means For Startups And Investments The Indian food industry, the sixth largest in the world, has seen unprecedented growth in terms of size and revenues over the past five years. Retail startups contribute about 70% to the total sales, while food processing companies account for the balance 30% of the country’s total food market. A high-growth sector, the Indian food […]
- Hyperlocal Delivery Startup Genie Acquires Food Delivery Startup Dinein Chennai-based hyperlocal delivery startup Genie has acquired Chennai’s food delivery services startup Dinein in an all-stock deal. The acquisition will help Genie strengthen its business by bolstering volume and adding customer touch points, the company said in a statement. According to the deal, Genie will acquire the Dinein brand, its 25-member team, the delivery team, […]
- Morgan Stanley Marks Up Valuation Of Foodtech Unicorn Zomato To $2.5 Bn The research firm of Morgan Stanley has marked up the valuation of homegrown foodtech unicorn Zomato to $2.5 Bn. As per reports, the estimation of Zomato’s valuation was done by the global financial services firm while taking stock of the startup’s largest shareholder Info Edge, which runs job portal Naukri.com, real estate site 99acres and […]
- Cab Aggregator Ola Acquired 100% Stake In Foodpanda India For $31.7 Mn Homegrown cab aggregator Ola acquired Foodpanda India from Germany-based Delivery Hero Group for $31.7 Mn (INR 202 Cr). As per its filings with the Ministry of Corporate Affairs, Ola parent ANI Technologies issued preference shares worth $4.4 Mn (INR 28 Cr) last month to Pisces eServices, the Indian company that operates Foodpanda. The acquisition, which […]
- Swiggy In Talks With Naspers And Tencent To Raise $200 Mn Funding After Flipkart and SoftBank, Bengaluru-headquartered foodtech startup Swiggy has reportedly initiated discussions with Chinese investment conglomerate Tencent and existing investor Naspers for a potential $150 Mn-$200 Mn investment. If the deal goes through, it would raise the online food delivery platform’s post-money valuation to $600 Mn-$650 Mn, sources revealed. Swiggy was last valued at $400 […]
- UK Based Food Delivery Giant Deliveroo To Set Up India Operations UK-headquartered online food delivery giant Deliveroo is gearing up to set up operations in the Indian market. Valued at $2 Bn, the Fidelity and T. Rowe Price-backed startup is reportedly looking to hire a country head, who would be spearheading its India launch. As per sources, Deliveroo is also in the process of onboarding a […]
- Ola Better Off Concentrating On Its Cab Business Than Buying Foodpanda: Mohandas Pai Cab aggregator Ola decided to indulge in some big Christmas shopping this year by going out and buying the food delivery startup, Foodpanda India, yesterday. Ola is planning to pump in another $200 Mn into the business as it once again sets foot in the food delivery space. But for Ola, which has already burnt […]
- Ola Acquires Foodpanda India From Delivery Hero To Re-enter Food Delivery Cab aggregator Ola is once again setting its foot into the food delivery space by acquiring Foodpanda India from Germany based Delivery Hero Group. Ola has also committed to invest $200 Mn in Foodpanda India. While the companies did not disclose the details of the deal size, sources have pegged the stock-based acquisition at under […]
- Logistics Startup VDeliver Acquires Hyperlocal Services Marketplace Towny App Hyderabad-headquartered logistics company VDeliver has acquired Towny App, an Andhra Pradesh-based mobile marketplace for hyperlocal services, for an undisclosed amount. As per the official statement, the transaction was made as part of a cash-and-stock deal. Confirming the development, VDeliver founder and CEO Srinivas Madhavam said “This acquisition is significant for Vdeliver since it allows us […]